With Land Purchased, Scrap Exchange Can Move Ahead on Expansion Plans | News
News
INDY Week's news blog

Archives | RSS

Thursday, August 11, 2016

With Land Purchased, Scrap Exchange Can Move Ahead on Expansion Plans

Posted by on Thu, Aug 11, 2016 at 12:32 PM

At the Scrap Exchange, everybody gets a trophy. - PHOTO BY JUSTIN COOK
  • Photo by Justin Cook
  • At the Scrap Exchange, everybody gets a trophy.
The Scrap Exchange's plan to buy all ten acres of land where the Lakewood Shopping Center and expand its reuse empire is one step closer to becoming a reality this week. 

This morning the reuse art center announced on its Facebook that the purchase was made—ten acres, 82,000 square feet of leasable space—for $2.5 million. 

Two years ago when the Scrap Exchange moved its operations to the old move theater in the shopping center, Ann Woodward—the nonprofits executive director— told the INDY she wanted to create a reuse district, much like on in New Orleans where artists could set up studios. 

On Wednesday, Woodward described the purchase as "a dream come true.” 

The Scrap Exchange started to realize the possibilities in the essentially vacant shopping center and started planning the expansion

“When when we bought (2050 Chapel Hill Road), I would talk to the owners, we would talk about what (the shopping center) could be, the ideas, it was just an idea," Woodward said. "They were very supportive of it. We had the conversation for a couple of years before we really got serious”

Over the past year the Scrap Exchange started more seriously looking at the underutilized shopping center and started creating a business plan and figuring out financials. The push to buy the property came after offers were coming in for the property. 

"We decided to make a business plan—to solidify our business plan—and everything we’ve been talking about and put it in words and numbers," Woodward said.

From there the Scrap Exchange were in talks with its banks, and Woodward said they were friendly from the start, especially considering they had a history together from when the Scrap Exchange bought its current building. 

"So they knew we could make a deal," she said. 


The Scrap Exchange, operates out of 2050 Chapel Hill Road, now owns the dormant shopping center at  
click image The land now owned by the Scrap Exchange at the Lakewood Shopping Center.
  • The land now owned by the Scrap Exchange at the Lakewood Shopping Center.
2020 Chapel Hill Road—this means it owns the northern portion of the shopping center. The southern portion—which houses a Food Lion and Dollar General—were not part of the purchase from Real Estate Associates, INC of Durham. 

The property went on the market in April 2015 and remained that way until early January 2016, when it went under contract. This morning the deal closed, making it officially part of the Scrap Exchange's future. 

Woodward said now that the property work is being done to start pre-leasing and showing groups the facilities that have interest in the space, because starting September 1, the Scrap Exchange will have to come up with between $17,000 and $19,000 a month. 

And as tenants start to move in, she's hopeful a permanent thrift store will be up and running in December. 

As outlined by the nonprofit's announcement: "The property will focus on arts and culture, job creation and skill development, thrift, reuse, maker spaces, recreation, permaculture, other nonprofits and small businesses, affordable housing, and stewarding as a community asset!" 

There's already talks going on with affordable housing stakeholders about what can be done on the land since some of what the Scrap Exchange owns is zoned for multi-residential units. 

Those aren't the only things Woodward and the Scrap Exchange have dreamed up for the space. 

"We are going to be creating the National Center for Creative Reuse," she said. “I expect this district to embody this reuse arts culture." 



Tags: , , ,

Pin It

Comments (2)

Showing 1-2 of 2

Add a comment

 
Subscribe to this thread:
Showing 1-2 of 2

Add a comment

INDY Week publishes all kinds of comments, but we don't publish everything.

  • Comments that are not contributing to the conversation will be removed.
  • Comments that include ad hominem attacks will also be removed.
  • Please do not copy and paste the full text of a press release.

Permitted HTML:
  • To create paragraphs in your comment, type <p> at the start of a paragraph and </p> at the end of each paragraph.
  • To create bold text, type <b>bolded text</b> (please note the closing tag, </b>).
  • To create italicized text, type <i>italicized text</i> (please note the closing tag, </i>).
  • Proper web addresses will automatically become links.

Latest in News



Twitter Activity

Most Recent Comments

You might want to get the name of the town right.

by Rob G. on Rolesville Viral Video Triggers Panel on School Policing (News)

The fees may cover the cost of administering permits etc, but what about the cost of building and improving roads …

by Elliot Nelson on Raleigh Raises Fees on Developers (News)

WakeUP Wake County spoke at the public hearing in support of raising the development fees because with rapid growth, there …

by Karen Rindge on Raleigh Raises Fees on Developers (News)

Kayt, I think we could be friends too. Looking for areas where we agree and then exploring ideas together would …

by Rich 1 on In an Open Letter, 2,943 Fellow Duke Alumni Ask Trump Senior Adviser Stephen Miller How He Became Such a Horrible Person (News)

So stating a plea that stems from shared experience in this open letter is a left rant? How would you …

by Jeffrey K. Miller on In an Open Letter, 2,943 Fellow Duke Alumni Ask Trump Senior Adviser Stephen Miller How He Became Such a Horrible Person (News)

Comments

You might want to get the name of the town right.

by Rob G. on Rolesville Viral Video Triggers Panel on School Policing (News)

The fees may cover the cost of administering permits etc, but what about the cost of building and improving roads …

by Elliot Nelson on Raleigh Raises Fees on Developers (News)

© 2017 Indy Week • 201 W. Main St., Suite 101, Durham, NC 27701 • phone 919-286-1972 • fax 919-286-4274
RSS Feeds | Powered by Foundation